Pretty sure the iPhone 5 was the first with the Nano Sim, so it's unlikely you will need to update your sim
but the carrier may include a new one. Here in Australia it's hit and miss - my old Sim was 4 years old and I opted for a new one but only because they asked if I wanted to or not. Wife and son are using 2 and 3 year old Sim's in their second and third phones respectively with no problems